At the 2023 WSIA Annual Marketplace in San Diego last month, ReSource Pro\u2019s Fatima Dean, Director of Client Development, joined a panel of industry experts in a discussion with AM Best\u2019s John Weber about the role of artificial intelligence (AI) in insurance underwriting.<\/p>\r\n\r\n\r\n\r\n
Commenting on AI\u2019s impact on underwriters, Fatima explained that the technology \u201callows underwriters\u2019 role to evolve more to almost a sales role,\u201d shifting their focus away from manual, administrative work and more toward building relationships and bringing in new business. Overall, she believes that future underwriters will be more responsible for books of business and profitability rather than evaluating and pricing individual risks. \u201cIn the past, underwriters have had to compile all of the data from multiple sources and comb through to figure out what it\u2019s telling them,\u201d said Fatima. \u201cAI is going to do a lot of that heavy lift.\u201d<\/p>\r\n\r\n\r\n\r\n
Fatima also highlighted the opportunity for organizations to improve retention by including veteran underwriters in the AI journey. \u201cThey\u2019re the folks that are going to be the end users of this system, so allow them to be involved in the process,\u201d said Fatima. \u201cThen you\u2019ll have their buy-in.\u201d From a talent perspective, Fatima noted that AI and other technologies have the potential to encourage young professionals to rethink their view of the insurance industry. Organizations that deploy these technologies will be much more likely to pique the interest of potential employees.<\/p>\r\n\r\n\r\n\r\n
Watch the Full Panel Discussion on AM Best TV<\/strong><\/a><\/p>\r\n\r\n\r\n
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